Tech stocks got off to a positive start Wednesday morning. The Nasdaq traded up about 1.3%, the S&P 500 was up 1.04% and the Dow traded 0.7% higher shortly after the opening bell. All three also closed higher on Tuesday.
Consumer cyclical stocks came out of the chute about 1.7% higher, while technology stocks traded up by around 1.5%. Ten of 11 market sectors were higher in the first few minutes of trading Wednesday morning.
Here are the 14 Nasdaq 100 index stocks that were making the biggest moves Wednesday morning. Gainers outnumbered decliners by about nine to one.
Zoom Video Communications Inc. (NASDAQ: ZM) traded up about 3.4%, at $147.43 in a 52-week range of $134.70 to $451.77. The company had no specific news Wednesday morning.
DexCom Inc. (NASDAQ: DXCM) traded up 3.4%, at $440.00 in a 52-week range of $318.45 to $659.45. The company had no specific news.
Illumina Inc. (NASDAQ: ILMN) traded up about 3.1%, at $365.77 in a 52-week range of $318.07 to $555.77. The company had no specific news.
Starbucks Corp. (NASDAQ: SBUX) traded up about 2.9%, at $9767 in a 52-week range of $93.79 to $126.32. On Monday, Bloomberg reported that the arabica coffee beans favored by Starbucks and most other coffee shops have reached a 22-year low. That means rising prices, and firms like Starbucks have more pricing power than small shops.
Premium Arabica coffee beans are up about 100% since January 2021. So what's going on? https://t.co/O6NzX9kgPq
— Bloomberg (@business) January 8, 2022
Lucid Group Inc. (NASDAQ: LCID) traded up about 3.3%, at $28.33 in a 52-week range of $16.12 to $64.86. The company had no specific news.
Airbnb Inc. (NASDAQ: ABNB) traded up about 3.6%, at $168.05 in a 52-week range of $129.71 to $219.94. BTIG Research lowered its rating on the stock from Buy to Neutral Tuesday.
JD.com Inc. (NASDAQ: JD) traded up about 3.5%, at $77.99 in a 52-week range of $61.65 to $108.29. The company had no specific news.
Datadog Inc. (NASDAQ: DDOG) traded down by about 1.5%, at $149.39 in a 52-week range of $69.73 to $199.68. The company had no specific news, but rival New Relic got hammered after reported a miss on profits and lowered guidance. Datadog is caught in the jetstream.
Amgen Inc. (NASDAQ: AMGN) traded down by about 1.5%, at $237.16 in a 52-week range of $198.64 to $261.00. Ratings changes released in the morning produced no changes (three remained neutral and two remained positive). All five however lifted their price targets in a range of $3 to $40.
Skyworks Solutions Inc. (NASDAQ: SWKS) traded down about 0.6% at $139.56 in a 52-week range of $129.72 to $204.00. A semiconductor equipment maker, ASML, released its annual report Wednesday morning that was upbeat on the chip industry but cautious about how much capital it could take.
Our Annual Report 2021 shows how strong partnerships enabled strong growth: https://t.co/SfpAJVBUNw pic.twitter.com/IaZ6iB7ON2
— ASML (@ASMLcompany) February 9, 2022
Marvell Technology Inc. (NASDAQ: MRVL) traded down about 0.7%, at $75.91 in a 52-week range of $37.92 to $93.85. The company had no specific news.
Splunk Inc. (NASDAQ: SPLK) traded down about 0.5%, at $119.80 in a 52-week range of $105.45 to $176.66. See the comment on Datadog.
NXP Semiconductors N.V. (NASDAQ: NXPI) traded down about 0.6%, at $201.45 in a 52-week range of $164.19 to $239.91. The company had no specific news, but our comment on Skyworks also applies to NXP.
Keurig Dr Pepper Inc. (NASDAQ: KDP) traded down about 0.4%, at $38.69 in a 52-week range of $30.28 to $39.35. This is likely the reaction we would expect from a coffee supplier not named Starbucks to have to the news on the supply of arabica coffee.
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